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Getting older is part of life.
Its unavoidable, and so are the health effects that come with it.
Sadly, many Americans are affected by mental and physical health declines.
If you and your family members are notfinancially prepared, it can wreak havoc on your familys finances.
CNBCreported that Alzheimers disease affects 1 in 9 Americans age 65 and older.
Thats an estimated 6.7 million people.
Keep Financial Information Organized
Its crucial to always keep financial information organized.
Choose a Trusted Advocate
As your parents get older, they should consider choosing a trusted advocate.
Many people choose their spouse, but its important to choose a backup individual just in case.
Financial institutions wont just let anyone directly manage accounts or handle financial affairs unless theyre properly informed first.
This includes whats most important to them and how they want their money to be handled.
This can include having them pay a utility bill or being in charge ofbank account transfers.
If you havent already, its never too late to take action.
Being proactive can save you and your family a huge headache later on.
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